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Stocks to watch: Singapore eDevelopment, KrisEnergy, China Environmental Resources
THE following companies had announcements or developments that could affect their trading activity on Tuesday.
Singapore eDevelopment: It said that it has been called upon by the Compagnie Française d'Assurance pour le Commerce Extérieur (Coface) - an insurance company and issuer of the performance bond relating to the building works at Jurong West Neighbourhood 2 Contract 19 - to pay the guaranteed sum of S$3.4 million.
This is in accordance with the Legacy Corporate Indemnity relating to the Jurong West Performance Bond following the failure by CCM Industrial Pte Ltd (CIPL) - a previously wholly owned subsidiary of Singapore eDevelopment that was disposed off on May 21, 2014 - to pay the same pursuant to an agreement of counter indemnity relating to the Jurong West Performance Bond between CIPL and Coface.
Singapore eDevelopment is currently in negotiations with Coface for the settlement of its liabilities to Coface through payment in stages.
KrisEnergy: It said on Tuesday it has received approval in-principle from Singapore Exchange (SGX) for the listing and quotation of its S$169.5 million rights shares on the mainboard of SGX, subject to certain conditions.
On June 15, the upstream oil and gas company launched the S$169.5 million rights issue to support its capital expenditure in growing oil and gas production in existing fields as well as near-term development projects. The rights issue is expected to generate net proceeds of about S$165.6 million through the issuance of some 440 million new shares at S$0.385 apiece. Keppel Corporation has subscribed for its full entitlement, which amounts to 137.9 million rights shares, or about 31.3 per cent of the rights issue.
China Environmental Resources Group: The company said on Monday night that it plans to raise net proceeds of about HK$116.3 million (S$20 million) for working capital through a placing of new shares at HK$0.63 apiece.
The new shares represent 20 per cent of the tree and fertiliser products maker's existing issued share capital. The placement price is a 17.11 per cent discount to the stock's closing price of HK$0.76 in Hong Kong on Monday. The Hong Kong-listed company has a secondary listing in Singapore.